Income Statement Indicating Standard Cost Variances

The following data were taken from the records of Griggs Company for December:

Administrative expenses	$100,800
Cost of goods sold (at standard)	550,000
Direct materials price varianceunfavorable	1,680
Direct materials quantity variancefavorable	(560)
Direct labor rate variancefavorable	(1,120)
Direct labor time varianceunfavorable	490
Variable factory overhead controllable variancefavorable	(210)
Fixed factory overhead volume varianceunfavorable	3,080
Interest expense	2,940
Sales	868,000
Selling expenses	125,000

Prepare an income statement for presentation to management. Enter all amounts as positive numbers except favorable variances. Use a minus sign to indicate favorable variances.

Griggs CompanyIncome statement for the Month Ended December 31